Things may be getting frothy on Wall Street as stocks trade near record highs
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New York Post
10 minutes ago
- New York Post
Indonesia trade deal will remove critical-mineral export restrictions: WH
WASHINGTON — Indonesia will remove restrictions on its critical-mineral exports to the US as part of the countries' new tariff agreement, the White House revealed Tuesday. President Trump had announced last week that he would be settling for a 19% tariff rate on the world's fourth most populous country, just a week after threatening a 32% rate. In addition to agreeing to the new nearly 20% rate, Indonesia — an archipelago of more than 17,500 islands — also said OK to removing export restrictions on critical minerals and verification requirements on imports of US goods, a White House official told reporters Tuesday. Indonesia will meanwhile levy a 0% tariff on more than 99% of US goods and will eliminate nearly all trade barriers, the official said. 3 President Trump announced Indonesia will open its market up to the US in exchange for Trump imposing a 19% tariff. Getty Images At the start of his trade war announcement in April, Trump claimed that Indonesia was charging up to 64% on some US goods. 'The United States of America will now sell American Made products to Indonesia at a Tariff Rate of ZERO, while Indonesia will pay 19% on all of their products coming into the U.S.A. — The Best Market in the World!' Trump wrote on Truth Social. 'In addition, Indonesia will supply the United States with their precious Critical Minerals, as well as sign BIG Deals, worth Tens of Billions of Dollars, to purchase Boeing Aircraft, American Farm products, and American Energy,' the president said. Trump said last week that the 'biggest part of the deal' is Indonesia opening up its markets to US exports by lowering restrictions — and also by freeing up the country's copper ore exports. 'One of the things, as you know, they're known for is very high-quality copper, which we will be using,' Trump said at the time. The deal also includes provisions for Indonesia to accept imports of US vehicles built to US federal motor vehicle safety and emissions standards and 'accepting FDA certificates and prior marketing authorizations for medical devices and pharmaceuticals,' according to the White House. 3 Containers are stacked on a cargo ship at the Jakarta International Container Terminal in Tanjung Priok Port, Jakarta, earlier this month. AFP via Getty Images The US imports textiles, agricultural products and machinery from the island country. In 2022, the import numbers totaled $34.5 billion. Its top trading partners are China and the US, and the White House pointed to the population of the country — more than 280 million — as evidence of the importance of the deal. 'Indonesia is one of the largest countries in the world to represent the vast consumer markets that we want to ship to,' a Trump administration official said on a phone call with reporters. 3 Indonesian President Prabowo Subianto gestures as he speaks to the media upon arrival from his overseas trip at Halim Perdanakusuma Airbase in Jakarta, Indonesia, last week. AP The deal with Indonesia is just one of several the Trump administration has made in its ongoing global trade negotiations. Trump announced a 19% tariff agreement with the Philippines earlier Tuesday and is looking to strike more agreements before Aug. 1, when the administration has threatened to hike tariff rates on countries who haven't come to the table.
USA Today
10 minutes ago
- USA Today
US stocks end mixed as GM shares tumble and S&P 500 reaches record high
Wall Street shares ended mixed on July 22, with steep losses in General Motors and a gain in Tesla as investors focused on recent and upcoming quarterly reports and watched for signs of progress in U.S. trade discussions. GM tumbled after the automaker reported a $1 billion hit from tariffs to its quarterly results, adding more fuel to investor concerns about U.S. President Donald Trump's global trade policy. Shares of Ford Motor also fell. Tesla climbed a day before its quarterly report, while Alphabet also reporting on Wednesday, also rose. Optimism about heavy spending on artificial intelligence has underpinned a rally in Wall Street's most valuable companies, with the S&P 500 trading around record highs. "The market is consolidating recent gains and is in a bit of a holding pattern with some huge catalysts over the next week or two, including the August 1 tariff deadline and a lot of important Magnificent Seven earnings," said Ross Mayfield, an investment strategy analyst at Baird. Other Big Tech stocks lost ground, with Meta Platforms and Microsoft both closing lower. Shares of RTX dropped after the aerospace and defense giant t from Trump's trade war despite strong demand for its engines and aftermarket services. Lockheed Martin tumbled after its quarterly profit plunged by about 80%. U.S. trade policy remains a major point of uncertainty for investors and companies as Trump's self-imposed August 1 deadline for many countries to reach agreements with the White House approaches. U.S. Treasury Secretary Scott Bessent said he would meet his Chinese counterpart next week to discuss an extension to the August 12 deadline set for tariffs on imports from China. Other trade negotiations appeared stalled, with optimism for a breakthrough deal with India waning and EU officials weighing countermeasures against the United States. According to preliminary data, the S&P 500 gained 4.30 points, or 0.07%, to end at 6,309.90 points, while the Nasdaq Composite lost 81.24 points, or 0.39%, to 20,892.93. The Dow Jones Industrial Average rose 175.77 points, or 0.40%, to 44,498.84. Philip Morris slumped after reporting second-quarter revenue below expectations, as shipments of its ZYN nicotine pouches disappointed investors. Analysts on average expected S&P 500 companies to report a 7% increase in earnings for the second quarter, with technology heavyweights driving much of that gain, according to LSEG I/B/E/S. After last week's mixed economic data, traders have all but ruled out an interest-rate cut from the U.S. Federal Reserve at next week's policy meeting. They now see about a 60% chance of a reduction in September, according to the CME's FedWatch tool.
Hamilton Spectator
10 minutes ago
- Hamilton Spectator
S&P/TSX composite edges up, U.S. markets mixed as Aug. 1 tariff deadline looms
TORONTO - Canada's main stock index saw modest gains Tuesday and U.S. markets were mixed as the latest U.S. tariff deadline approaches with relatively little fanfare. The S&P/TSX composite index was up 47.43 points at 27,364.43. In New York, the Dow Jones industrial average was up 179.37 points at 44,502.44. The S&P 500 index rose 4.02 points at 6,309.62, while the Nasdaq composite was down 81.49 points at 20,892.69. The Canadian dollar traded at 73.34 cents US compared with 73.03 cents US on Monday. The September crude oil contract was down 64 cents US at US$65.31 per barrel. The August gold contract was up US$37.30 at US$3,443.70 an ounce. This report by The Canadian Press was first published July 22, 2025. Companies in this story: (TSX: GSPTSE, TSX: CADUSD)
